The European Union (EU) has outlined plans to boost trade, attract more investment, and support Nigeria’s youthful population through stronger partnerships with the country.
EU Ambassador to Nigeria and the Economic Community of West African States (ECOWAS), Gautier Mignot, shared these commitments during a media luncheon in Lagos on Wednesday.
He emphasised the EU’s intention to work closely with Nigerian authorities at all levels to understand their priorities, strategies, and expectations. The union is also keen to engage with civil society groups and young Nigerians.
Mignot highlighted the EU’s significant role as Nigeria’s largest trading and investment partner in 2023, accounting for 28 per cent of Nigeria’s total trade, valued at €35 billion. The country also recorded a €10.7 billion trade surplus with the EU.
On investment, he noted that the EU remains Nigeria’s strongest ally, aligning with President Bola Tinubu’s Renewed Hope Agenda.
As of 2022, the EU’s Foreign Direct Investment (FDI) in Nigeria stood at €26.4 billion, representing about one-third of the country’s total FDI. Hundreds of EU companies operate in Nigeria, adhering to strict anti-corruption, environmental, and labour regulations.
The ambassador expressed his commitment to elevating EU-Nigeria relations to a higher level for the benefit of Nigerians.
He stressed the need for reliable international partnerships, especially in the face of global uncertainties, and reaffirmed the EU’s view of Nigeria as a key partner in Africa and on the global stage.
“We have a global and strong partnership based on shared values such as democracy, rule of law, and multilateralism.
“EU interest is to see Nigeria consolidate its role as an anchor of stability in Africa and progress on its path towards a peaceful, prosperous, and sustainable future.
“We want to help in this endeavour, with full respect for Nigeria’s sovereignty and with humility.
“There is a lack of visibility, and we have to combat disinformation and misperceptions, and the press has a very important role to play in this regard,” he said.
To strengthen trade and investment, he emphasised the need for a well-structured economic dialogue to address barriers hindering business opportunities.
He also introduced the EU’s Global Gateway Investment Strategy, which focuses on digital transformation, green energy, and inclusive development.
According to Mignot, the EU’s cooperation budget for Nigeria from 2021 to 2027 stands at €731 million in grants, supplemented by additional financial instruments.
Investments under this framework target key sectors such as energy, the digital economy, agriculture, and food security. The EU also prioritises human development, including health, education, and social protection, as well as governance and migration management.
The ambassador reaffirmed the EU’s increasing involvement in northern Nigeria to address the region’s specific development challenges.
He also pledged deeper engagement in peace and security efforts to better align with Nigeria’s needs and expectations.
